Intel to Build $33-Billion Chip Plant in Germany After Government Pledges to Cover 1/3rd of Cost

Intel to Build $33-Billion Chip Plant in Germany After Government Pledges to Cover 1/3rd of Cost
German Chancellor Olaf Scholz (R) and Intel CEO Pat Gelsinger attend the signing ceremony of an agreement between the German government and the company at the Chancellery in Berlin on June 19, 2023. Markus Schreiber/AP Photo
The Associated Press
Updated:

BERLIN—Intel and the German government signed a deal Monday that will see the U.S. company spend more than 30 billion euros ($32.8 billion) to build a chip manufacturing site in the eastern city of Magdeburg, after Germany pledged to cover a third of the investment required.

Word of the agreement came as German Chancellor Olaf Scholz met Intel CEO Pat Gelsinger in Berlin.